Developers of the city’s newest purpose-built rental building are expecting the units to go “quite quickly.”
Surrey’s newest purpose-built rental building officially opened Wednesday (Nov. 21). Fusion, developed by WestStone Group, is a 146-unit apartment building located at 13555 96th Ave.
According to a news release, Fusion is “inclusive of state-of-the-art amenities expected in market condominiums.” It includes a fitness centre, Wi-Fi-enabled office spaces, an entertainment lounge and a rooftop terrace.
Bob Dominick, vice-president of WestStone Group, said it was five years ago that he stood on the property where Fusion now stands. He said he was looking at the site that had four, “quite derelict” older buildings, and he wondered what to do with the site.
I’m here at the opening of #SurreyBC‘s newest purpose-built rental building, Fusion. Later on, we’ll be getting a tour of some of the suites. @SurreyNowLeader pic.twitter.com/dzvKyJg7Wg
— Lauren Collins (@laurenpcollins1) November 21, 2018
“Some bright sparks had the idea that we should build a custom rental building,” he said. “As it would turn out, this would be the first custom rental building in Surrey for some 30 years in the city centre.”
According to Landlord BC, purpose-built rental housing is “designed and built expressly as long-term rental accommodation.”
“It is different from other types of rentals, such as condominiums or secondary suites, which may be available in the rental pool one year and not the next. Purpose-Built Rental housing is the most secure form of rental housing available,” Landlord BC’s website states.
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Janai York, director of sales and marketing for WestStone, said the units will start at $1,400 per month with prices going up to $2,500. Units range in size from one bedroom and one bathroom to two bedrooms and two bathrooms. There are also four “townhouse units” which are two floors with two bedrooms, three bathrooms and a den.
According to Fusion’s website, people began moving into the building as of Nov. 1. York said WestStone is aiming to have this building completely rented by April.
“I think it will go quite quickly,” she said.
Dominick said Fusion “is solely a testament” to what developers can do in terms of building purpose-built apartments.
“Custom rental buildings simply mean that it’s a building built no different to a residential building, but it’s dedicated for tenants occupancy, so it’s rather special.”
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